253.260. Bonds, denomination, interest rate, contents--negotiable--income exempt from income taxes.

MISSOURI STATUTES AND CODES

253.260. Bonds, denomination, interest rate, contents--negotiable--income exempt from income taxes.

Bonds, denomination, interest rate, contents--negotiable--incomeexempt from income taxes.

253.260. 1. Bonds issued pursuant to sections 253.210 to253.280 shall be of such denomination, shall bear such rate ofinterest, not to exceed fourteen percent per annum, and shallmature at such time, within forty years from the date ofissuance, as the department of natural resources may determine.The bonds may be either serial or term bonds.

2. Serial bonds may be issued with or without thereservation of the right to call them for payment and redemptionin advance of their maturity, upon giving such notice, and withor without a covenant requiring the payment of a premium in theevent of payment and redemption prior to maturity as thedepartment of natural resources may determine.

3. Term bonds shall contain a reservation of the right tocall them for payment and redemption prior to maturity at suchtime and upon the giving of such notice and upon the payment ofsuch premium, if any, as the department of natural resources maydetermine.

4. The bonds, when issued, shall be sold at public sale forthe best price obtainable after giving such reasonable notice ofthe sale as the department of natural resources may determineexcept that no bonds shall be sold for less than ninety-fivepercent of their par value, and accrued interest.

5. The bonds may be sold to the United States of America orto any of its agencies or instrumentalities, at a price not lessthan par and accrued interest, without public sale and withoutthe giving of the notice prescribed in this section.

6. The bonds, when issued and sold, shall be negotiableinstruments within the meaning of the law merchant and thenegotiable instruments law, and the interest thereon shall beexempt from income taxes under the laws of this state.